Price cap to have Russian oil flow despite embargo – tanker rates continue to surge

Freight rates on the crude oil and product tanker markets continue upwards. The G7 have decided on a price cap that will make Russian oil flow to non-EU and non-G7 countries without Russia making extraordinary profits. ”Good news,” says Clarksons.

A Chao Xing tanker at oil terminal Kozmino in Nakhodka Bay, Russia. | Photo: Tatiana Meel/Reuters/Ritzau Scanpix

by DAG HOLMSTAD

Progress made by crude oil and product tanker carriers, of which several have booked record-high earnings in the second quarter, continues as rates that have increased further in recent weeks due to demand.

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